Ex-ICAEW boss blasts invoice finance collusion
Former chief executive of the Institute of Chartered Accountants in England and Wales, Eric Anstee, has raised concern over invoice finance and insolvency industry collusion.
As reported in the Telegraph, Anstee called for a crackdown on “cosy” relationships between insolvency practitioners and asset-based lenders, which typically advance cash invoices in exchange for security over their order books.
Anstee, who now runs investment firm City of London Group and is the chair of the IFA, said: “There needs to be a thorough examination of insolvency practitioners’ relationship with invoice finance firms. There are a lot of conflicts of interest.”